Central Garden & Pet has been punished by Wall Street because its restructuring has been delayed. Therein lies opportunity for patient investors.

The Walnut Creek, Calif., supplier of garden products and pet foods had been working to consolidate 25 discrete companies into one centralized, streamlined, cost-efficient structure. Management said it planned to cut $120 million in annual costs by the fiscal year ending in September 2014, a feat that would bring operating profit margins to 10% from a 4.4%, and lift...